U.S. to sue S&P

U.S. to sue S&P

U.S. authorities intend to sue the international debt rating agency Standard & Poor's for over $ 5 billion in a civil complaint, accusing it of giving high ratings to risky mortgage bonds – something that may have contributed to bringing about the global financial crisis of 2008-2009.

S&P said in a statement Monday in anticipation of the suit that “it would be entirely without factual or legal merit.”

S&P expressed regret that the assigned ratings at the time did not fully comply with the rapidly deteriorating situation on the U.S. mortgage market.

A number of individual claims within the case have been put together by prosecutors in nine states.